By Farhad Naibkhel-KABUL: The Azizi Group, a financial institution mostly functioning in banking services, says it would invest one billion dollars to promote the Islamic banking operations in the country.
“We plan to invest one billion dollar in the Bakhtar Bank with the aims of Islamic banking services within three months,” Jawad Azizi, an authority of the group said Monday.
He said that efforts were being made to replace Bakhtar bank to Islamic system, adding that “operation of the Islamic banking will start in January 2017.”
Great potential is available in Afghanistan for Islamic banking, but it is operating only at level of a window throughout the country, thus Azizi group made decision to invest in the aspect and promote Islamic banking across the country, he asserted.
He insisted that 99 percent of population in Afghanistan is Muslim, so running of Islamic banking is the key.
Azizi said that Bakhtar Bank would turn to the Islamic Bank of Afghanistan and its all 62 branches would offer Islamic banking.
“Islamic banking facility is less and the people don’t have enough awareness about Islamic banking, thus we will exert utmost efforts to increase people awareness through different program about Islamic banking and make them familiar with the system,” Azizi claimed.
He highlighted that Bakhtar bank was equipped with modern core system of the Islamic banking system as well as 417 employees trained theory and practically in the aspect.
He said that banking gained enough success in short time and still there is enough potential for investment in banking in Afghanistan.
Praising central bank cooperation, he said that it is very helpful.
As Bakhtar bank will be the first Islamic bank it will face some challenge, but not major problems, he noted.
“We are working closely with central banks to improve policies and regulation for further facilities of Islamic banking in the country,” he mentioned.
He said that banking business and system is very safe in Afghanistan and there is no issue to concern about in the banking investment.
He stated that Islamic banking will have ‘mozareba’ and ‘moshareka’ programs for businessmen, but not loan to get interests.
He said that banking is rapidly improving we need more modern technologies for banking sector in the country.
He said that Islamic bank of Afghanistan will struggle to have share projects with government and private sectors in future.
Besides Islamic banking Azizi Group has invested additional $1 billion over construction, gas and oil businesses across the country, he underlined.